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In April, Chile registered an increase in the Consumer Price Index (CPI) of 1.4% compared to the previous month, accumulating a rise in inflation of 10.5% in twelve monthsdue to the increase in food, reported the National Institute of Statistics (INE).

With the April indicator above market expectations, where an increase of up to 1.2% was anticipated, inflation so far this year accumulates a variation of 4.8%. (see also: “We are going to enforce the law”: President of Chile will sue those who block roads there).

According to the INE, in April “ten of the twelve divisions that make up the CPI basket contributed positive effects to the monthly variation of the index.” Among the items with the greatest increases, food and non-alcoholic beverages and recreation and culture stand out, while clothing and footwear fell.

The annual inflation is the highest recorded in Chile since 1994motivated by the excessive injection of liquidity into the local economy last year, due to state aid delivered to face the pandemic and the early withdrawal of pension funds approved by Congress for the same purpose.

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The above, along with the increase in the value of imported products and fuelshas carried the inflation in Chile to its highest value in almost three decades.

In this scenario, the Central Bank announced on Thursday a further increase in the interest ratewhich went from 7% to 8.25%.

For his part, the Minister of Finance, Mario Marcel, announced a cut in Chile’s GDP growth projections in 2022, from 3.5% to 1.5%. In 2021, the Chilean GDP grew 11.7%, reaching its highest value since there are records and closed with an inflation of 7.2%, the highest level in 14 years.

As if that were not enough, the popularity of the Chilean president, Gabriel Boric, continues in free fall. According to the most recent survey by the Cadem firm, rejection of the way in which the left-wing president leads his government exceeds approval, with 53% vs. 36%, respectively.

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